PositiveID acquires mobile lab developer E-N-G Mobile Systems

PositiveID (OTC:PSID) said today it acquired specialty vehicle and mobile lab developer  E-N-G Mobile Systems for approximately $1 million.

ENG’s fastest growing division was its mobile labs segment, which included chemical, biological, nuclear, radiological and explosives testing, PositiveID said.

TheDelray Beach, Fla.-based company said it plans to add its bio-detection technology to the labs to offer a turnkey mobile lab system for analysis and testing at the sampling point, as opposed to having to return samples to a central lab.

“This transformational acquisition strengthens our ability to execute our strategy of providing cutting-edge biological detection and diagnostics solutions to address large market needs. The acquisition of ENG will broaden and diversify PositiveID’s revenue base and provide a strong foundation for future growth while we continue the development and testing of our real-time pathogen detection system, Firefly Dx. We believe the combination of the companies will improve our ability to deliver stockholder value,” PositiveID CEO William Caragol said in a press release.

PositiveID paid $750,000 cash, with $150,000 convertible secured promissory notes, and additional payments of 5% of revenue recognized and received from “certain contracts and purchase orders subsequent to closing,” estimated to be approximately $113,000 to be paid in the 4 months following the purchase, according to an SEC filing.

Over the past 4 years, ENG reported average unaudited revenues of more than $4 million annually, PositiveID said.

In October, PositiveID said it acquired non-contact thermometer manufacturer Thermomedics for $750,000 up front and another possible $750,000 in 2016 and 2017 dependent upon reaching certain milestones.

Thermomedics produces the Caregiver non-contact clinical-grade infrared thermometer, which is FDA cleared for measuring forehead temperature in adults, children and infants. No skin contact is required to use the device, which PositiveID said reduces the risk of cross-contamination.

PositiveID is paying $250,000 in cash and $500,000 in the form of shares of preferred stock, according to an SEC filing.

The post PositiveID acquires mobile lab developer E-N-G Mobile Systems appeared first on MassDevice.

from MassDevice http://ift.tt/1ZzGDvw